Family Portrait At Christmas

Baby boomers seem to have varied opinions on whether they should leave their children an inheritance. Are they being selfish?

Baby Boomers are split on whether they should leave an inheritance to their children, according to a study by Hearts & Wallets which found that 40 percent plan to do so, 30 percent plan not to and 30 percent are uncertain.

While some might be inclined to view those parents who do not want to leave an inheritance for their children to be selfish, the study found that not to be the case. Instead, people in that group tended to believe in giving the money to their children while the parents were still alive.

Next Avenue reported on this study in an article titled “How Boomer Parents Feel About Leaving Inheritances.”

One other thing the study found was that baby boomers were scared they would run out of money during their own retirements. Those who planned to set aside money to ensure they could give their children an inheritance were even more scared.

The fear is not unjustified.

People are living longer and longer, which makes it difficult to plan how much money will be needed for retirement. However, by working with good financial planners and experienced estate planning attorneys, the chances of running out of money during retirement can be minimized.

An estate planning attorney could be helpful in resolving the issue to the benefit of both the boomers and their children.

Reference: Next Avenue (Jan. 21, 2016) “How Boomer Parents Feel About Leaving Inheritances.”

For more information on asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.